Brooklyn, NY Bestreich Realty Group (BRG) completed the sale of 676 Halsey St. for $1.03 million.
This development site is located between Malcolm X Blvd. and Patchen Ave. in the Bedford-Stuyvesant neighborhood. The lot measures 25 ft. x 100 ft. and is zoned R6B. With a max FAR of 2, the property offers 5,000 buildable s/f.
Derek Bestreich and Steve Reynolds facilitated both sides of the transaction. The seller was 676 Halsey LLC and the buyers are 676 Halsey St LLC.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,